Will Power, driver of the #12 Verizon Team Penske Chevrolet, races to victory Sunday, August 25, 2013 during the Grand Prix of Sonoma IndyCar race in Sonoma, California.

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IndyCar has its new title sponsor, The Indianapolis Star has learned, and it's a biggie by all definitions.

Verizon Communications, which is replacing Izod as the flag carrier of U.S. open-wheel racing, ranked 16th in the latest Fortune 500 list based on revenues and profit in 2013. It was ranked No. 1 in the telecommunication sector in the category of World's Most Admired Company by Fortune Magazine.

Izod, an apparel company, had its association with IndyCar conclude at the end of last season. ...